WASHINGTON (Thomson Financial) - U.S. manufacturing activity rose unexpectedly in May, but still indicated reduced activity for the fourth straight month, according to a key survey out today.

2008-06-02 15:21:28 Opening Glance: Telecom services

NEW YORK (AP) - Shares of the largest telecommunications carriers fell slightly Monday as the broader market inched lower after a report showed that U.S. manufacturing activity rose unexpectedly in May.

2008-06-02 15:21:27 Opening Glance: Shares of commercial banks drop

NEW YORK (AP) - Commercial bank stocks mostly dropped Monday morning after Wachovia Corp. said its chief executive, Ken Thompson, would be replaced.

WASHINGTON (Thomson Financial) - Domestic homes construction continued its steady decline in April while business construction rose to an all-time high in the month, the U.S. Commerce Department said today.

2008-06-02 15:06:14 IMF's Leipold says euro is overvalued now

FRANKFURT (Thomson Financial) - The International Monetary Fund believes the euro is overvalued now, but it has not yet determined the level of overvaluation, according to Alessandro Leipold, Acting Director of the IMF's European Department.

BRATISLAVA (Thomson Financial) - Slovakia's budget deficit in the year to May was 3.097 billion Slovakian crowns, compared to a surplus of 7.7 billion crowns in the year to April, the Finance Ministry said Monday.

PRAGUE (Thomson Financial) - The Czech state budget showed a 38.3 billion Czech crown deficit at the end of May, compared to a 26 billion crown shortfall a year

ago, figures released by the finance ministry showed Friday.

2008-06-02 13:04:03 ECB's Stark sees inflation back under 2 pct

LONDON (Reuters) - The European Central Bank Executive Board member Juergen Stark said on Monday he still expected euro zone inflation to fall back below 2 percent in the 'medium term', despite the latest surge in oil and food prices.

2008-06-02 12:22:26 EU food inflation at record highs

BRUSSELS (Thomson Financial News) - Food price inflation in the European Union rose above seven percent in March and April, almost double the overall inflation

rate, and the highest rates since records began in 1996, official figures showed.

LONDON (Thomson Financial) - The rates at which UK banks lend to each other showed few improvements on Monday, indicating that banks remain keen to keep cash on their balance sheets rather than lend it to their peers.

FRANKFURT (Thomson Financial) - Euro group President Jean-Claude Juncker said second-round effects on inflation must be avoided 'at any cost' and dismissed France's plans to cut VAT on fuel to protect consumers' purchasing power.

2008-06-02 11:59:20 Eurogroup's Juncker says member states now have until 2012 to balance budgets

FRANKFURT (Thomson Financial) - Eurogroup President Jean-Claude Juncker said European Union countries now have until 2012 to balance their budgets, two years

VIENNA (Thomson Financial) - The European Central Bank is right to strictly adhere to its price stability mandate, Klaus Liebscher, a member of the ECB's governing council member and the outgoing governor of Austria's central bank (OeNB), said in a radio interview with Austria's state broadcaster ORF.

FRANKFURT (Thomson Financial) - Euro group President Jean-Claude Juncker said second-round effects on inflation must be avoided 'at any cost' and dismissed France's plans to cut VAT on fuel to protect consumers' purchasing power.

WARSAW (Thomson Financial) - Poland sold 2.306 billion zlotys of its 13- and 52-week T-bills, more than the initially planned 2.0 billion as investors bid for almost 4.8 billion of the papers, the finance ministry said in a statement on Monday.

FRANKFURT (Thomson Financial) - French Finance Minister Christine Lagarde has written to the European Commission and EU finance ministers urging them to reduce VAT rates for fuel, and make public the amount of oil held in reserve in order to protect consumers' purchasing power.

2008-06-02 10:47:41 France calls on EU commission to reduce VAT on fuel to protect purchasing power

FRANKFURT (Thomson Financial) - French finance minister Christine Lagarde has written to the European Commission and EU finance ministers urging them to reduce VAT rates for fuel, and make the amount of oil reserve held public in order to protect consumers' purchasing power.